The Importance of fitness centers for multi-family buildings
It is safe to say the COVID-19 pandemic has changed just about every business you can think of. The residential/real estate business is no exception. Many businesses had to rethink their strategy given the strict rules regarding lockdowns and quarantines, just to stay in business. However, as far as multi-family building rentals are concerned, it is more subtle than that. Sure, people are moving to different states and cities like never before, but they will need a place to stay wherever they go. Families looking at apartments to stay in are also looking for places with fitness centers as part of the package.
Give residents easy access to fitness centers, and the chances of you renting out a multi-family unit will go up substantially, even in these difficult times. In fact, the National Apartment Association (NAA) has noted that apartment complexes offering well equipped and well-run fitness centers are attracting more offers from potential residents compared to apartment complexes that do not have fitness centers.
As rules start to relax regarding places where people can congregate, multi-family building rental companies are highlighting access to fitness centers in marketing campaigns. As with any business plan, there are variables to consider, and selling apartment space with gym access is no different. The following are some of the things to keep in mind when offering apartment rentals that come with fitness centers.
Get Outside Help
No longer will a room at the end of the corridor with some weights and cardio machines installed be enough to be considered as a good fitness center. A well designed and equipped gym requires professional help. A professional gym designer will figure out how to maximize space and add extras such as towel stands and ballet bars to make sense. Ever since the marriage between apartment complexes and fitness centers began, fitness center designers have been sprouting up. Designing fitness centers has grown to become a cottage industry. Consult with one before deciding on where to put the gym. Once you have decided to put in a gym, keep the following in mind:
- How many different types of fitness equipment’s to purchase
- Cost of managing the fitness center
- Timeline on when to open the fitness center
- Cost to build the gym
Picking a Location
Location, location, location, is a mantra in the real estate business, and this applies to where to put facilities like gyms in an apartment complex. In the early days of apartments with gyms, they were usually put somewhere down in the basement. Not so anymore. Multi-family buildings with fitness centers somewhere above ground, preferably with a good view, or even outdoors, is the new trend. Apart from good locations for fitness centers, the size of the gym also plays a part. Generally, the size of the gym will be proportionate to the size of the apartment complex. According to the NAA, around 60% of the residents will exercise daily. Therefore, the larger the gym area, the better.
It is All about the Bottom Line
Once a fitness center has been made available, you will notice more interest in your multi-family building complex almost immediately. Your ability to attract and retain wealthier clients will be instantly noticeable. Property value will also increase. You live in an era where being health conscious is very fashionable. Therefore, the apartment complex needs to be “fit” as well.